Developing a Process-Oriented Notation for Modeling Operational Risks - A Conceptual Metamodel Approach to Operational Risk Management in Knowledge Intensive Business Processes within the Financial Industry

According to the Basel II committee operational risks are the least understood and manageable risks in banks. Operational risks in banks are closely linked to the underlying business process landscape. Recently, researchers have suggested to model this process landscape in banks with new semantic business process modeling approaches. These enable banks not only to model their business processes more efficiently, but also analyze them in a (semi-)automatic way for multiple purposes (e.g. process weakness identification, IT investment decisions etc.). In this paper we extend such a semantic business process modeling language (SBPML) for banks by a risk view for modeling and analyzing operational risks in business process models from a conceptual modeling perspective. As a result of a case study at a bank, seeking to combine business process management and risk management in an integrated approach, we present an enhanced metamodel of the SBPML, which enables banks to model and analyze their processes and operational risks in a holistic way.